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Binance Sues RedotPay for Alleged Breach of Partnership Agreement

Guavy AI Editorial Team
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Binance has filed a lawsuit in Hong Kong against RedotPay and its co-founders for allegedly breaching their partnership agreement. The plaintiff claims that RedotPay redirected over 470,000 users to use Binance Pay funds for topping up RedotPay cards without proper authorization.

The alleged breach led to significant losses of nearly $473 million for Binance. According to the lawsuit, each user's lifetime value is estimated at $925, and the company seeks compensation of $472.8 million.

RedotPay denies all accusations from Binance and plans to defend its interests in court. The company emphasizes that the lawsuit does not affect its daily operations.

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